Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0691%/8h= −75.6% APRpaid last 24h −0.192%

Price spread now: Bybit against Kraken Futures−0.239%7-day average −0.190% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1081.084% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.686%−$69 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now −0.239%, 7d avg −0.190%

Together, before fees−0.863%−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.049% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.190%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MONUSD	0.02506	0.0544	pay 0.0068% / 1h	18m 33s	$269K	$114K	10x
Short	Bybit MONUSDT	0.02500	−0.0147	pay 0.0147% / 8h	4h 18m	$20.6M	$13.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.239%Rate

Funding earned: −$145.07
Price spread: −0.239% → −0.190%: −$4.92
Slippage, 4 orders: −$87.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$258.38
Costs to cover: 1.084%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 39 min ago; Bybit: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 39 min ago	27.79 bp	40.3 bp −$40	8977.2 bp −$89.8K	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	4.00 bp	9.5 bp −$9	36.9 bp −$369	doesn't fit	doesn't fit

MON on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange MONUSD	−0.0232%	1h	0.02501	−0.179%	$6K	$1K	5x	as long as short
Backpack MON_USDC_PERP	−0.0184%	1h	0.02504	−0.064%	$113K	$151K	10x	as long as short
Injective MON/USDC PERP	−0.0176%	1h	0.02498	−0.307%	$5K	$112	5.5x	as long as short
Bybit MONUSDTshort	−0.0147%	8h	0.02500	−0.239%	$20.6M	$13.3M	50x
Phoenix MON	0.0000%	1h	0.02502	−0.127%	$12K	$359K	5x	as long as short
Perpl MON	0.0000%	43m	0.02505	−0.036%	$107K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	+0.0030%	1h	0.02504	−0.064%	$74K	$136K	25x	as long as short
Orderly PERP_MON_USDC	+0.0072%	4h	0.02504	−0.068%	$16K	$38K	10x	as long as short
Variational Omni MON	+0.0076%	8h	0.02500	−0.246%	$738K	$409K	—	as long as short
Paradex MON-USD-PERP	+0.0093%	8h	0.02501	−0.180%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter MON	+0.0096%	1h	0.02503	−0.107%	$842K	$749K	10x	as long as short
Nado MON-PERP	+0.0100%	1h	0.02504	−0.054%	$424K	$574K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02503	−0.091%	$33.8M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02504	−0.064%	$100K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02503	−0.097%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02502	−0.147%	$138K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02501	−0.187%	$23.8M	$26.9M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02500	−0.227%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02505	−0.033%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02502	−0.147%	$938K	$993K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02505	−0.028%	$2.8M	$757K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02504	−0.068%	$2.7M	$2.2M	25x	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02503	−0.090%	$41K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02506	+0.020%	$562K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02502	−0.147%	$67K	$511K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02503	−0.107%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02503	−0.104%	$49K	$519K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02502	−0.127%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0255%	1h	0.02504	−0.065%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02503	−0.115%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02500	−0.227%	$1.3M	$337K	75x	as long as short
Coinbase International MON-PERP-INTX	+0.0408%	1h	0.02507	+0.060%	$109K	$57K	50x	as long as short
Kraken Futures PF_MONUSDlong	+0.0544%	1h	0.02506	long leg	$269K	$114K	10x